FactSet’s Cloud Transition is Undervalued by the Market. Analyst Upgrade follows

Credit Suisse Kevin Mcveigh, analyst, upgraded FactSet Research Systems Inc (NYSE: FDS) from Neutral to Outperform and raised the price target from $485 to $500Given a 20% pullback due to concerns about a more difficult environment.
The analyst, who has long loved FactSet, saw potential for multiple expansion through its pivot to cloud and ability to resume buyingbacks in H223.
Cloud-native ecosystem is not being discounted by the market. FactSet has invested $100 million to enhance the ecosystem. This includes a data differentiation strategy for the private market, AI structure collection and APIs/ personalization.
The analyst believes that FactSet is a key financial cloud client partner and has increased transparency on its cloud journey. This supports the analyst’s thesis. This increases the annual subscription value. [ASV] Growth and margin expansion
The stock could chart a course like Paychex, Inc (NASDAQ: PAYX), rerating closer to vertical software platforms like Clearwater Analytics Holdings, Inc (NYSE: CWAN).
Price Action FDS shares traded at $413.93, 0.27% higher than the previous check Thursday.

Date	Firm	Act Now	To
February 2022	Morgan Stanley	Keep it up	Underweight
Jan 2022	Morgan Stanley	Keep it up	Underweight
Dec 2021	Morgan Stanley	Keep it up	Underweight

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